Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • KingKenny
    • By KingKenny 10th Sep 17, 1:04 PM
    • 207Posts
    • 20Thanks
    KingKenny
    Shawbrook Bank Faster Payments?
    • #1
    • 10th Sep 17, 1:04 PM
    Shawbrook Bank Faster Payments? 10th Sep 17 at 1:04 PM
    Hi, I opened one of their Easy Access Issue 10 savings accounts. Online Paying circa 1.19%. Pretty good.


    I sent the opening balance in, all fine was sat in there by 6pm that same day. A few weeks ago.
    Friday, I needed 500 pounds quick; as I could not get any cash out of my other account with Ulster Bank. No card reader yet and app is only 250 a day and still waiting 72 hours to pass.
    Anyway about 10.45am I made a withdrawal request on Friday 8th September.
    Not arrived in my nominated account as I write.
    How long do withdrawals take from the Shawbrook?


    What does this mean, from the terms and conditions. Highlighted.


    To enable payment requests to be processed the same day, the cut-off time for receipt of the payment details is 2.30pm on a Working Day. Provided the above cut-off time is met and all required details provided (subject to condition 21.0), payments should be received by the beneficiary bank on the next Working Day (with the exception of same day payments which will normally be received by the beneficiary bank on the same Working Day).



    Cheers.
    Last edited by KingKenny; 10-09-2017 at 1:08 PM.
Page 1
    • eskbanker
    • By eskbanker 10th Sep 17, 1:30 PM
    • 5,466 Posts
    • 5,270 Thanks
    eskbanker
    • #2
    • 10th Sep 17, 1:30 PM
    • #2
    • 10th Sep 17, 1:30 PM
    Clause 9.4 of those Ts & Cs states "Withdrawals can be made by cheque or same day payment only on request and only in exceptional circumstances" so this suggests that 'same day payments' means CHAPS, as opposed to their normal withdrawal process of Faster Payments, which is required to arrive by the end of the next working day by the terms of that scheme.

    So, if you make a standard withdrawal request on a Friday morning, the funds should be in your nominated account by the end of the next working day, i.e. Monday.

    Too late now obviously, but if you'd needed the money on Friday, you could presumably have contacted them and paid their £20 CHAPS fee....
    • YorkshireBoy
    • By YorkshireBoy 10th Sep 17, 1:44 PM
    • 29,398 Posts
    • 17,174 Thanks
    YorkshireBoy
    • #3
    • 10th Sep 17, 1:44 PM
    • #3
    • 10th Sep 17, 1:44 PM
    If you're in the habit of needing funds at short notice maybe Tesco (paying 1.16% I believe*) may be a better option?


    * Would leave you 30p/year/£1,000 worse off.
    • greatkingrat
    • By greatkingrat 10th Sep 17, 2:04 PM
    • 41 Posts
    • 45 Thanks
    greatkingrat
    • #4
    • 10th Sep 17, 2:04 PM
    • #4
    • 10th Sep 17, 2:04 PM
    Or just stick a couple of grand in a high paying current account then you have a higher interest rate and can get at the money very easily if necessary,
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

228Posts Today

1,279Users online

Martin's Twitter
  • Shana tova umetuka - a sweet Jewish New Year to all celebrating. I won't be online the rest of t'week, as I take the time to be with family

  • Dear Steve. Please note doing a poll to ask people's opinion does not in itself imply an opinion! https://t.co/UGvWlMURxy

  • Luciana is on the advisory board of @mmhpi (we have MPs from most parties) https://t.co/n99NAxGAAQ

  • Follow Martin